The Council of Ministers approved on Wednesday the “Law on Betting 2005” to eliminate the illegal collective and horse racing betting.
“This law aims to improve the existing legislation on collective and horse racing betting and to regulate its operation via telecommunications”, Deputy government Spokesman, Christodoulos Pasiardis stated.
According to the bill, the existing ratio of betting tax will be abolished and replaced by a uniform tax system, which will cover three categories of betting and will stand at 15% on the gross profits.
The bill also provides for the introduction of a Betting Committee, which will be appointed by the Council of Ministers.
“The law regulates the conduct of bets via electronic media and provides for strict penalties to protect the under age. More than that, the computerization of betting is obligatory and inspection will become more effective”, Mr. Pasiardis concluded.
“This law aims to improve the existing legislation on collective and horse racing betting and to regulate its operation via telecommunications”, Deputy government Spokesman, Christodoulos Pasiardis stated.
According to the bill, the existing ratio of betting tax will be abolished and replaced by a uniform tax system, which will cover three categories of betting and will stand at 15% on the gross profits.
The bill also provides for the introduction of a Betting Committee, which will be appointed by the Council of Ministers.
“The law regulates the conduct of bets via electronic media and provides for strict penalties to protect the under age. More than that, the computerization of betting is obligatory and inspection will become more effective”, Mr. Pasiardis concluded.
3287.99
1275.09
